• Proposed Fair Market Rents for FY2010 Published

On Aug. 4, HUD published a Notice and Request for Comments on Proposed Fair Market Rents (FMR) for the Housing Choice Voucher Program and the Moderate Rehabilitation Single Room Occupancy Program for Fiscal Year (FY) 2010. 

Comments are due Sept.2, 2009.  Final FMRs are effective on October 1, 2009.  NAHB staff is in the process of evaluating the methodology used to calculate the FY 2010 FMRs and will submit a comment letter to HUD. 

Please refer questions or comments to Paul Emrath at pemrath@nahb.com.

• FHA Multifamily Loan Limit Adjustment Act of 2009 Introduced

On July 31, H.R. 3527, The FHA Multifamily Loan Limit Adjustment Act of 2009, was introduced by Representatives Anthony Weiner (D-NY) and Gary Miller (R-CA). The bill would allow the HUD Secretary to increase the mortgage loan limits for elevator buildings by up to 50% of the amounts specified for non-elevator units. 

Currently, there is only about a 10% difference between non-elevator and elevator buildings, even though the costs of constructing an elevator building are, on average, about 45% higher. The bill would also give the HUD Secretary the authority to designate other “extremely high cost areas” in addition to Alaska, Hawaii, Guam and the Virgin Islands. 

HUD data show that, over the past seven years, there have been 478 Section 221(d)(4) new construction projects (without federal assistance) finally endorsed for HUD insurance. Of those 478 projects, only 31 involved elevator structures. Most recently, in fiscal years 2007 and 2008, only three elevator projects nationwide have been endorsed for insurance with FHA.

View the Bill here.
View the letter to Representatives Weiner and Miller here.

For more information, please contact Claudia Kedda at ckedda@nahb.com.